Barclays Mortgages has made a number of changes to its lending policy.
Barclays have increased its maximum LTVs to 90% LTV on new-build purchases, 95% on shared-ownership purchase applications and 90% for like-for-like remortgage applications.
For new-build shared-ownership properties, the new-build LTV policy will apply. Barclays is also removing both the £10,000 minimum annual bonus threshold and the annual bonus capping in line with salary.
The annual bonus changes will apply to residential and buy to let loans, meaning Barclays will accept 50% of the mortgage applicant’s sustainable annual bonus for affordability.
Income multiple policy will still be capped in line with basic annual income, plus allowances.
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6th March 2018